Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
Business
Business
Saudi jewelry sector records 36 percent sales jump in Q2
The gold and jewelry sector in Saudi Arabia has recorded a 36 percent growth in sales as the economy shows...
- The kingdom has also seen an upsurge in consumer spending in the second quarter exceeding $33 billion with an annual growth rate of 7 percent
- Referring to data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent
Economy
UAE scores high in 11 best expatriate destination parameters: Survey
The UAE has exceeded international figures in 11 indexes on the best expatriate destinations based on various factors, which include...
- German research firm InterNations said UAE achieved advanced positions in four key pillars and 11 indexes, out of five pillars and 17 indexes.
- About 94 percent of those surveyed felt safe in the UAE while the global rate was under 81 percent.
Business
Number of UAE-based private sector employees grows by 9% in Q2
The Ministry of Human Resources and Emiratisation said in its private sector workforce report that the construction sector accounted for...
- Twenty-six percent of the total private sector workforce registered with the Ministry are in the construction sector, followed by 21 percent in the trade and repair services.
- Agriculture sector marked the highest (70 percent) growth in the number of new work permits issued, followed by social and personal services.
Business
UAE, Saudi achieve above 60 percent pre-Covid travel recovery
Travel recovery witnessed in the UAE and Saudi Arabia has been very strong, according to a survey of nearly 2,000...
- A total of 98 percent of respondents in Saudi Arabia and 95 percent in the United Arab Emirates have used airport lounges in the past. .
- Passengers from the UAE made an average of four return trips in 2021, which is a 67 percent recovery from the pre-pandemic average number of six return trips.
Arts & Culture
Funding crunch cripples Lebanon film industry
Before the Covid-19 pandemic and the country's worst-ever economic crisis, 20 to 30 films were produced in Lebanon. Today, it...
- Film producer Myriam Sassine told Kuwaiti News Agency (KUNA) that in 2000 only a couple of feature-length films were produced annually in the country.
- With EU’s help, a one-time $76,000 fund has been set up to support production of films in the country. Its efforts are likely to bear fruit in November.
Saudi PIF buys shares in Alphabet, Zoom, Microsoft
The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares...
- The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares of Alphabet
- It also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively
Economy
Qatar launches public consultation about National Blockchain Blueprint
The blueprint establishes the frame for blockchain at the national level and identifies its key elements; innovation and creativity.
- The blueprint establishes the frame for blockchain at the national level and identifies its key elements
- It underlines the potential of blockchain technology and the opportunities that it can offer to Qatar
Business
ACWA Power to sign $2.4bn wind power project deal in Uzbekistan
ACWA Power Company will join hands with Uzbekistan in order to enter into a $2.4 billion deal for a 1,500-megawatt...
- It will be the biggest onshore wind project in the region and will contribute 19 percent to Uzbekistan’s overall renewable energy goals
- The plant once completed will power 1.65 million households and offset 2.4 million tons of carbon emissions per year.
Business
Dallah reports 52% profit rise
The healthcare company saw its profit vault to $40m in H1.
- The company's stock however posted a 1.9 percent drop in early Tuesday trading, but then rebounded to close 0.9 percent higher at SR118
- The uptick in revenues came on the back of continued growth in operations and higher hospital admissions during the six-month period
Business
Abu Dhabi Airports teams up with ICP to boost passenger service
The partnership aims to achieve the highest levels of service excellence at all terminals and facilities of Abu Dhabi Airports.
- The agreement stems from Abu Dhabi Airports and ICP’s keenness to adopt best practices in areas of security, safety and air transport
- Shareef Hashim Al Hashmi, CEO of Abu Dhabi Airports, said the collaboration is intended to enhance passenger experience at Abu Dhabi airports
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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Jewels of Emirates Show begins in Sharjah
SHARJAH, UAE - The fourth edition of the Jewels of Emirates Show, the first Emirati exhibition dedicated to diamond jewelry,...
Business
UAE exports to reach $544bn by 2030, says Standard Chartered report
DUBAI, UAE - The UAE is poised to play a pivotal role in global trade with its exports projected to...
Economy
Saudi merchandize exports down 14.6% in Q1 as oil exports fall
Riyadh, Saudi Arabia -- Saudi Arabia's merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a...
Economy
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Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
- Under the agreements, the partners will cooperate to create incentives for people to own EVs, facilitate investment in the UAE network of electric vehicles.
- The Global EV Market is in line with the objective of the We The UAE 2031 vision of enhancing the position of the Emirates as a global partner.
Business
DFM launches futures contract on General Index
Dubai, UAE - The Dubai Financial Market (DFM) on Monday announced the offering of futures contracts on its General Index...
- Trading futures contracts on the DFMGI offers investors the opportunity to access DFM’s largest and most liquid stocks.
- DFMGI will provide strong diversification and hedging opportunities for both retail and institutional investors.
Business
Sharjah group to discuss trade boost with India in five-day trip
SHARJAH, UAE- The Sharjah Chamber of Commerce and Industry (SCCI) will embark on a trade mission to India on Monday...
- The delegation will visit Mumbai and New Delhi, setting up business forums and arranging meetings with Indian business communities.
- The delegation will highlight the benefits and opportunities of investing in Sharjah, detailing the incentives and facilities available.